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China urges US to evaluate financial crisis policy efficiency

(Xinhua)
Updated: 2008-12-05 00:15

BEIJING -- China's central bank governor, Zhou Xiaochuan, on Thursday urged the United States to constantly evaluate the efficiency of measures for coping with the financial crisis.

US Treasury Secretary Henry Paulson (front) shakes hands with Zhou Xiaochuan (2nd R, front), governor of China's central bank, before the opening session of the 5th Sino-US Strategic Economic Dialogue in Beijing, December 4, 2008. [Agencies]

The United States should give full consideration to the possible impact of its measures on the global economy, Zhou said in a speech here to the fifth China-US strategic economic dialogue (SED).

He was quoted by Jin Qi, director general of the central bank's international department, when meeting the press as saying that China hoped the US measures would play a positive role as soon as possible in safeguarding stability and restoring confidence.

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Zhou said excessive US consumption and over-reliance on debt were key reasons for the crisis, and he urged the United States to raise its savings rate and reduce its budget and trade deficits.

He also said China and the United States should increase cooperation to regulate financial derivatives and unconventional banking arrangements.

Zhou urged the two sides to strengthen regulation for safeguarding financial stability while pursuing development, in a bid to enhance macro-management of the economy and push toward economic balance.

China's financial system, generally speaking, was stable and safe amid the international financial crisis, Zhou said. He noted that the domestic and international markets had confidence in China's financial stability.

China would closely focus on the management and risks of domestic financial bodies and also on changes in the foreign financial markets, he said.

The crisis had revealed the shortcomings of US financial institutions in risk management and regulation. Zhou urged the United States to learn its lesson and properly handle the relationship between risks and benefits and between regulation and innovation.

He also hoped that China and the United States would work together to implement the consensus reached at the G20 summit, which was a meeting of leaders from the 20 richest countries and emerging economies in Washington D.C. in mid-November.

The two nations should make joint efforts to promote the reform of the international currency and financial system, he noted.

Initiated by the heads of the two countries in 2006, the biannual SED is the highest-level regularly scheduled dialogue between the two nations. Beijing is hosting the current two-day session.